David Fuller's view While away on Thursday, I bought some more silver during the intraday setback and then sold it shortly after the Fed's statement to capture a small portion of the day's range. I paid $33.20 for the Dec contract and sold it at $33.623. Today, I temporarily reduced my platinum stake by 25%, selling the October contract at $1699.2 against my purchase at $1410 on 9th August. These prices include all spread-bet dealing costs.

I have commenced taking some money out of my trading account following the strong run in precious metals. I do not like to leave too much money in this account as it can dull my perception of risk. More often than not I will replace positions where I have freed up profits, preferably by repurchasing on setbacks. I may also trade a little more actively as the strong initial gains seen are likely to be followed by additional ranging before long. This small variation in tactics certainly does not mean that I am changing my view as to the medium-term potential in precious metals. Far from it as they are benefiting from a perfect storm in terms of tailwinds. Chief among these are near record low interest rates in most OECD countries, short covering by stale bears, the Fed's additional QE yesterday which exceeded my expectations, anti-American riots in North Africa, bullish seasonal factors and not least the spreading unrest in South Africa's mineworker's community.